Standard Bank shuts down two PE branches

2019-06-12 06:00

TWO Standard Bank branches in Port Elizabeth will be shut down after the announcement of the closures of 104 branches nationwide.

The Linton Grange Service Centre and the Summerstrand branches in Port Elizabeth will officially close on June 30.

According to the spokesperson of Standard Bank, Ross Linstrom, the closures of the branches are part of the realignment of its retail and business banking deli-very model.

Customers’ needs are changing amid the rapid adoption of digital banking products and services.

“The shift in customer behavi-our means that our clients are using our branches less. As such, we have re-looked our retail and business banking delivery model so that it is geared to serve the needs of our customers,” Linstrom explained.

These changes will impact on approximately 1 200 jobs (nationally), which include employees from both branches in Port Elizabeth.

Linstrom added, “As part of the implementation of the new banking delivery model, some of the roles currently being performed in our branches will change. However, the actual number of employees who will ultimately exit the employ of Standard Bank SA could be lower, as new opportunities will become available in the new operating model. As consultations are still ongoing, we are not in a position to provide further details.”

Netwerk24 reported that more than 500 employees impacted by the change, have accepted voluntary severance packages.

According to Netwerk24, Standard Bank is in the process of assisting an additional 500 employees with possible employment within the bank.

According to Linstrom, Standard Bank worked hard to minimise the impact of this reorganisation on their people.

“As part of a support programme agreed with SASBO, Standard Bank SA will implement a comprehensive exit package which significantly exceeds the requirements as set out in the Labour Relations Act.

“We have also set aside funds to assist employees to acquire new skills to improve their competitiveness in the labour market, as well as entrepreneurial training and financial assistance,” Linstrom commented.

Linstrom added, “This has not been an easy decision to make. We recognise that this is a very stressful time for everyone.”


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